Richard Shelby

In exercising discretion--in exercising the power that this office has and that the agency has in this and a number of other very important issues, first and foremost I have got to look at it through the screen, if you will, of role as…

Will you be independent if you are confirmed?

Opening statements, comments, or prepared statements of: Senator Shelby

Like other financial institutions, credit unions have faced unprecedented challenges from the financial crisis and our weak economy.

Protecting the taxpayer. Mr. Smith, according to an article in the Wall Street Journal yesterday, the Obama administration is pressuring Fannie Mae and Freddie Mac...

I think it is very important for you to do your own due diligence. That is my message, and I think that was the message of this legislation.

Had examiners acted more aggressively in their supervision actions over these critical issues, the looming safety and soundness concerns that were present early on in nearly every failed institution could have been identified sooner and…

My last area, and I appreciate the Chairman's indulgence here, the National Credit Union Administration's regulations governing the investments of corporate credit unions, which I think is an important area, relied heavily on the use of…

We think this is very important because we want the credit unions to remain viable and strong and not ever visit, to come up here for problems.

I also hope to hear the NCUA's assessment of what steps need to be taken to prevent large-scale failures from happening again.

Given that these events occurred more than 1 year ago, an examination by the National Credit Union Administration of our Nation's credit unions I believe is long overdue.

It is important to hear from our regulators. They are responsible for overseeing financial institutions, detecting these types of problems and formulating credible solutions.

Thank you, Mr. Chairman, for holding a second hearing on this very important topic.

We have still got this problem.

In other words, preempt the State in property and recording? That is a strong----

Are we close to solving this problem, or where are we?

Let us go back a few years, let us say seven, eight, or 10 years ago, 2001, or it will be.

We need to determine whether the flaws in the process led to improper results.

This hearing represents what I understand will be the only examination the Committee intends to conduct.

That is what I am getting at. You just said there were, so you are correcting yourself.

So MERS is part of the problem.

Well, isn't this part of the problem in the foreclosure process?

Why would it be unnecessary to show who owned the mortgage before you foreclosed on it?

But is it reflected--excuse me. It might be reflected on your computer, but is it reflected in the courthouse where the mortgage is recorded.

What has changed? Electronically, what is the problem and what has caused it?